Author Archive

The Internal Revenue Service  issued the 2011 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 51 cents per mile for business miles driven 19 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under ...

Check out our latest Newsletter! Our next QUICKBOOKS 3-HOUR COURSE is DECEMBER 16, 2010 from 1:00pm to 4:00pm- http://eepurl.com/bMWL9 ARE YOU AN INDEPENDENT CONTRACTOR OR EMPLOYEE? It is critical that you, the employer, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on employee wages. You do not generally have to withhold or pay any taxes on payments to independent contractors. Generally, whether a worker is an employee or an ...

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs and depreciation. To qualify, you must meet both of the following tests. The business part of your home must be used exclusively and regularly for your trade or business. However, there are exceptions for daycare facilities or storage of inventory/product samples. The business part of your home must be: Your principal place of business, or A place where you meet or deal with patients, clients, or customers in the nor-mal course of ...

Your reliable source for Bookkeeping, Tax Preparation, QuickBooks Training and QuickBooks Pro Advisor Support in Central Florida Offering a wide range of accounting and tax preparation packages, our CPA has a proven track record of assisting local businesses improve their productivity by streamlining all their accounting practices. Our clients have accurate and up-to-date financial information on a daily basis, which in turn helps them make better decisions and increases the overall efficiency of your business operations. DO YOU OWN YOUR OWN BUSINESS AND NEED HELP WITH QUICKBOOKS ACCOUNTING SOFTWARE? For the new ...

Join us for our next Quickbooks Training Seminar on Nov. 23, 2010 DO YOU OWN YOUR OWN BUSINESS AND NEED HELP WITH QUICKBOOKS ACCOUNTING SOFTWARE? TORO ACCOUNTING & CONSULTING in Orlando, Florida has the answer to all your QuickBooks training needs. With affordable and conveniently scheduled 3 hour QuickBooks courses geared for the beginner user of the accounting software, we have successfully trained business owners and their employees on the basics tasks to enable them take full advantage of using Quickbooks accounting software in their business. For the new user or those ...

Business owners and tax professionals have been advocating that the IRS begin accepting taxpayer records in electronic format instead of continuing to use traditional paper books and records for audits. The IRS has recently completed training for revenue agents on QuickBooks® Premier Accountant Edition 2010 software.  The IRS agents were trained and are now being encouraged to request and accept taxpayers’ QuickBooks files, as appropriate. The IRS is also able to accept electronic records from Peachtree® accounting software. Electronic files should be provided on a CD, DVD, or flash/jump drive to ensure security of the files. Obtaining the taxpayer's accounting records in ...

Intuit has recently added a new and improved features for 2011 that you may find useful for payroll users. 1. Setting up Direct Deposits for Vendors This new feature will save you time, as you will no longer need to print and mail checks to your independent contractors. This feature also allows you to more efficiently track your money. 2. Automatically submitting Intuit 401(k) contributions with payroll If your business uses Intuit 401(k), you can now automatically submit your employees’ 401(k) contribution amounts when you run ...

A crucial filing deadline of Oct. 15 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked.  Nonprofit organizations that are at risk can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program. The Pension Protection Act of 2006 mandates that most tax-exempt organizations must file an annual return or submit an electronic notice, with the IRS and it also requires that any tax-exempt organization that fails to file for three consecutive years automatically loses its ...

Reasons you should attend the QuickBooks Training Classes Taught by CPA’s with years of experience who are also "QuickBooks Certified". QuickBooks Training saves you time and money. You'll begin to work smarter, not harder. Answers to your specific QuickBooks questions and solutions to your specific problems. Discover amazing QuickBooks tips and tricks. Learn to use your QuickBooks software the right way. Master those tricky transactions in QuickBooks. Comprehensive QuickBooks workbooks included. Your Satisfaction Guaranteed! For further information on ...

The Internal Revenue Service released a draft version of the form 8941 that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations –– which do not generally file income tax returns –– will claim the credit during the 2011 filing season.Both small businesses and tax-exempt organizations will use the form to calculate the credit. A small ...